亚马逊（Amazon）2023年年报.pdfVIP

2023

ANNUALREPORT

DearShareholders:

Lastyearatthistime,IsharedmyenthusiasmandoptimismforAmazon’sfuture.Today,Ihaveevenmore.

Thereasonsaremany,butstartwiththeprogresswe’vemadeinourfinancialresultsandcustomer

experiences,andextendtoourcontinuedinnovationandtheremarkableopportunitiesinfrontofus.

In2023,Amazon’stotalrevenuegrew12%year-over-year(“YoY”)from$514Bto$575B.Bysegment,North

Americarevenueincreased12%YoYfrom$316Bto$353B,Internationalrevenuegrew11%YoYfrom

$118Bto$131B,andAWSrevenueincreased13%YoYfrom$80Bto$91B.

Further,Amazon’soperatingincomeandFreeCashFlow(“FCF”)dramaticallyimproved.Operating

incomein2023improved201%YoYfrom$12.2B(anoperatingmarginof2.4%)to$36.9B(anoperating

marginof6.4%).TrailingTwelveMonthFCFadjustedforequipmentfinanceleasesimprovedfrom-$12.8B

in2022to$35.5B(up$48.3B).

Whilewe’vemademeaningfulprogressonourfinancialmeasures,whatwe’remostpleasedaboutisthe

continuedcustomerexperienceimprovementsacrossourbusinesses.

InourStoresbusiness,customershaveenthusiasticallyrespondedtoourrelentlessfocusonselection,price,

andconvenience.Wecontinuetohavethebroadestretailselection,withhundredsofmillionsofproducts

available,tensofmillionsaddedlastyearalone,andseveralpremiumbrandsstartingtolistonAmazon

(e.g.Coach,Victoria’sSecret,PitViper,MarthaStewart,Clinique,Lancôme,andUrbanDecay).

Beingsharponpriceisalwaysimportant,butparticularlyinanuncertaineconomy,wherecustomersare

carefulabouthowmuchthey’respending.Asaresult,inQ42023,wekickedofftheholidayseasonwithPrime

BigDealDays,anexclusiveeventforPrimememberstoprovideanearlystartonholidayshopping.This

wasfol